FM Nirmal Sitharaman asks banks to be more customer-friendly; do not be lenient on credit underwriting standards, she says

Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers.

However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal.

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At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI’s Chairman Dinesh Kumar Khara said a startup’s worries are more on the equity side and assured full support in lending if sufficient equity is on the table.

Later, he also made a mention of the government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

Stressing that the person asking the question is a woman operating an innovative enterprise, Sitharaman had a few suggestions for the banking…

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